Adapthealth Corp (AHCO) 2024 Q2 法說會逐字稿

Good day everyone, and welcome to today's AdaptHealth second quarter of 2024 earnings release. (Operator Instructions)

大家好，歡迎來到今天的 AdaptHealth 2024 年第二季財報發布。（操作員說明）

Today's speakers will be Suzanne Foster, Chief Executive Officer of AdaptHealth; and Jason Clemens, Chief Financial Officer of AdaptHealth.

今天的演講者是 AdaptHealth 執行長 Suzanne Foster；以及 AdaptHealth 財務長傑森·克萊門斯 (Jason Clemens)。

Before we begin, I'd like to remind everyone that statements included in this conference call and in the press release issued today may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

在開始之前，我想提醒大家，本次電話會議和今天發布的新聞稿中的陳述可能構成《私人證券訴訟改革法》含義內的前瞻性陳述。

These statements include, but are not limited to comments regarding financial results for 2024 and beyond. Actual results could differ materially from those projected in forward-looking statements because of a number of risk factors and uncertainties, which are discussed at length in the company's annual and quarterly SEC filings. AdaptHealth Corporation., should have no obligation to update the information provided on this call to reflect such subsequent events.

這些聲明包括但不限於 2024 年及以後財務表現的評論。由於許多風險因素和不確定性，實際結果可能與前瞻性陳述中的預測存在重大差異，這些風險因素和不確定性在公司的年度和季度 SEC 文件中進行了詳細討論。AdaptHealth Corporation. 沒有義務更新本次電話會議中提供的資訊以反映此類後續事件。

Additionally, on this morning's call, the company will reference certain financial measures such as EBITDA, adjusted EBITDA and free cash flow, which are non-GAAP financial measures. This morning's call is being recorded and a replay of the call will be available later today.

此外，在今天早上的電話會議上，該公司將參考某些財務指標，例如 EBITDA、調整後 EBITDA 和自由現金流，這些都是非公認會計準則財務指標。今天早上的通話正在錄音，今天晚些時候將提供通話重播。

I am now pleased to introduce the Chief Executive Officer of AdaptHealth, Suzanne Foster.

我現在很高興介紹 AdaptHealth 執行長蘇珊娜·福斯特 (Suzanne Foster)。

Thank you and good morning for joining our second quarter earnings call.

感謝您參加我們的第二季財報電話會議，早安。

I'm pleased to report another consistent quarter with second quarter results in line with expectations for revenue, adjusted EBITDA and free cash flow. With this being my first quarter, I'd like to start by briefly sharing why I'm excited to be at AdaptHealth?

我很高興地報告第二季度業績與收入、調整後 EBITDA 和自由現金流的預期一致的另一個季度。這是我的第一個季度，我想先簡要分享為什麼我對加入 AdaptHealth 感到興奮？

I joined the team because I believe in our purpose and the vital role we play in improving healthcare. For too long, I have witnessed the increasing desire to extend high quality and prospective care to the comfort of one's home, and I want to be part of solving this problem and accelerating this movement.

我加入這個團隊是因為我相信我們的目標以及我們在改善醫療保健方面發揮的重要作用。長期以來，我目睹了人們日益渴望為舒適的家中提供高品質和前瞻性護理，我希望成為解決這一問題並加速這項運動的一部分。

I'm grateful for the learnings that have come from a 30 year career in healthcare that began on the front lines as a clinical social worker in a hospital setting. The learnings from obtaining a degree in public health policy focused on ways to bend the healthcare cost curve, followed by experiences and leading companies, focused on medical devices, life sciences and distribution of healthcare supplies.

我很感激從 30 年的醫療保健職業生涯中學到的知識，我從擔任醫院第一線的臨床社會工作者開始。獲得公共衛生政策學位的學習重點是如何彎曲醫療保健成本曲線，其次是經驗和領先公司，重點是醫療設備、生命科學和醫療保健用品的分銷。

Most recently, I led a business within a large corporation known for operational excellence in high performance through emphasizing standard work, standard metrics and a mind-set of continuous improvement. I'm bringing these learnings and skill sets to the team at AdaptHealth, which I'm confident will result in improved performance and growth across our business.

最近，我領導了一家大公司的業務，該公司以透過強調標準工作、標準指標和持續改進的思維方式實現卓越營運而聞名。我將這些知識和技能帶給 AdaptHealth 團隊，我相信這將提高我們整個業務的績效和成長。

Over the last two months, I've spent most of my time traveling to meet our employees and see our operations. Here are a few of my journey impressions. Overall, the business is performing well. Our patients adherence programs are best-in-class, digital orders are increasing, thereby reducing the number of faxes, resupply demand is strong and our technology infrastructure projects are underway.

在過去的兩個月裡，我大部分時間都花在出差上與我們的員工會面並了解我們的營運情況。以下是我旅途中的一些感想。整體而言，業務表現良好。我們的患者依從性計劃是一流的，數位訂單不斷增加，從而減少了傳真數量，補給需求強勁，我們的技術基礎設施項目正在進行中。

I am especially impressed with the depth of commitment and knowledge of this team. The team at AdaptHealth formed through many acquisitions, brought together strong and entrepreneurial leaders in the industry with decades of experience. Our team knows the business and in many cases have grown up in the business.

這個團隊的奉獻精神和知識給我留下了特別深刻的印象。AdaptHealth 的團隊是透過多次收購組成的，匯集了具有數十年經驗的業內實力雄厚的創業領導者。我們的團隊了解業務，並且在許多情況下都是在業務中成長起來的。

There are, however, some key areas where I see I can -- where we can improve to realize our full potential and growth. We're making several investments now in the areas of talent, strengthening our processes focused on organic growth, simplifying the business, developing a long-term strategy for sustainable growth and technology adoption.

然而，我認為我可以在一些關鍵領域進行改進，以實現我們的全部潛力和成長。我們現在正在人才領域進行多項投資，加強我們專注於有機成長的流程，簡化業務，制定可持續成長和技術採用的長期策略。

Let me take these five areas of focus one at a time. First, we are investing in clinical, commercial and operational talent to a few key areas of the organization and we are working to better align our teams, provide role clarity and remove duplication.

讓我逐一談談這五個重點領域。首先，我們正在向組織的幾個關鍵領域投資臨床、商業和營運人才，我們正在努力更好地協調我們的團隊，提供明確的角色並消除重複。

We are investing in training that is focused on process improvement for critical workflows. We are having our first Kaizen event this month with several more schedules this year. We have implemented standard work and metrics across the leadership team and are working to drive this through the rest of the organization.

我們正在投資培訓，重點關注關鍵工作流程的流程改善。我們本月將舉辦首次 Kaizen 活動，今年還有更多活動安排。我們已經在整個領導團隊中實施了標準工作和指標，並正在努力在組織的其他部門中推動這一目標。

The alignment of roles and responsibilities and the standardization of how we do the work has become an important initiative for us and one we are excited about. In some, we are coming together as one Adapt. The team is eager to create and adopt standard work and understand that this work is -- work we must do ourselves.

角色和職責的協調以及工作方式的標準化已成為我們的一項重要舉措，也是一項令我們感到興奮的舉措。在某些方面，我們作為一個適應者聚集在一起。團隊渴望創建和採用標準工作，並理解這項工作是我們必須自己完成的工作。

We have the knowledge and desire to do so. This work will help us drive leverage and position us for growth in the large end markets we serve. Our goal is to continuously improve on how we deliver cost effective, accurate and timely care to the home.

我們有知識也有意願這樣做。這項工作將幫助我們提高槓桿率，並為我們服務的大型終端市場的成長做好準備。我們的目標是不斷改進為家庭提供經濟高效、準確和及時護理的方式。

Second, we are working to strengthen the business to deliver organic growth in the three markets we serve, sleep, respiratory and diabetes. We are working to align our sales forces. We are expanding our national accounts and payer relations teams. On the operations side, we are taking steps to improve our throughput and conversion rates so that our sales teams have the confidence to deliver on the promise of reliable and accurate service.

其次，我們正在努力加強業務，以在我們服務的三個市場（睡眠、呼吸和糖尿病）中實現有機成長。我們正在努力調整我們的銷售團隊。我們正在擴大我們的國民帳戶和付款人關係團隊。在營運方面，我們正在採取措施提高吞吐量和轉換率，以便我們的銷售團隊有信心兌現可靠和準確服務的承諾。

Third, we are simplifying our processes and our org structure, while continuing to strengthen our balance sheet. We are evaluating non-core assets, rationalizing our footprint, and we are paying down debt. All these efforts are focused on increasing our free cash flow yield.

第三，我們正在簡化流程和組織結構，同時繼續加強我們的資產負債表。我們正在評估非核心資產，合理化我們的足跡，並且我們正在償還債務。所有這些努力都集中在提高我們的自由現金流收益率。

Fourth, we are building a strategy for long-term sustainable growth, one that positions ourselves for increased clinical and payer relevance. To that end, we created a new leadership role and welcomed Dr. Philip Parks as our Executive Vice President of Strategy and Healthcare Innovation.

第四，我們正在製定一項長期可持續成長策略，旨在提高臨床和支付者的相關性。為此，我們設立了一個新的領導角色，並歡迎 Philip Parks 博士擔任我們的策略和醫療創新執行副總裁。

As an experienced military and civilian physician, strategist and leader, he is intimately familiar with the clinical, technological and logistical challenges of decentralized care on the battlefield and in the home. We are embracing our role as we are uniquely positioned to enable decentralized healthcare more broadly, reliably and with higher levels of clinical quality and improved patient experiences.

作為一名經驗豐富的軍事和民事醫生、戰略家和領導者，他非常熟悉戰場和家庭分散護理的臨床、技術和後勤挑戰。我們正在接受我們的角色，因為我們具有獨特的優勢，可以更廣泛、更可靠地實現去中心化醫療保健，並提供更高水準的臨床品質和改善的患者體驗。

Dr. Parks understands the important roles we play as a provider and facilitator of care and supports the people living with acute and chronic diseases. I believe the unique lens, his background and experiences afford him will be invaluable as we shape our strategy in future of what this company can become.

帕克斯博士了解我們作為護理提供者和促進者所發揮的重要作用，並為急性和慢性疾病患者提供支持。我相信，當我們制定公司未來發展策略時，他所擁有的獨特視角、背景和經驗將非常寶貴。

Finally, I have familiarized myself with our IT systems and infrastructure, and I'm happy to report that the team made solid progress in this area over those past couple of years. I do, however, see significant potential for automation, AI and other advanced technologies to improve our operations, increase our capabilities and drive efficiencies.

最後，我熟悉了我們的 IT 系統和基礎設施，我很高興地向大家報告，過去幾年團隊在這一領域取得了紮實的進展。然而，我確實看到了自動化、人工智慧和其他先進技術在改善我們的營運、提高我們的能力和提高效率方面的巨大潛力。

We are currently conducting a few low cost experiments with AI that are progressing well around customer and clinical documentation. The technology is producing highly accurate structured data with predictable results. It is early days, but this is encouraging because we know that our critical functions can run more efficiently and effectively if we remove the work that otherwise slows us down.

我們目前正在進行一些低成本的人工智慧實驗，這些實驗在客戶和臨床文件方面進展順利。該技術正在產生具有可預測結果的高度準確的結構化資料。現在還處於早期階段，但這令人鼓舞，因為我們知道，如果我們消除那些會拖慢我們速度的工作，我們的關鍵功能可以更有效率、更有效地運作。

What is more compelling is that accurately and reliably transforming facts and digitally transmitted documents into structured data at scale can unlock potential to improve patient experiences, and allow us to personalize our patient and provider interactions.

更引人注目的是，準確可靠地將事實和數位傳輸的文件大規模轉換為結構化資料可以釋放改善患者體驗的潛力，並使我們能夠個性化患者和提供者的互動。

We are just at the beginning of this journey, but we are confident that we will soon uncover more areas for operational improvement in efficiencies using AI, which will create a better experience for our employees, patients and providers that we support.

我們才剛開始這趟旅程，但我們相信，我們很快就會發現更多使用人工智慧來提高營運效率的領域，這將為我們支援的員工、患者和提供者創造更好的體驗。

We have already invested in key hires, initiated projects focused on increasing organic growth and are simplifying the business. We believe these short-term investments will lead to longer term, improved profitability and performance, ultimately fulfilling our mission to shift more care to the home and reduce overall healthcare costs. I would like to take this opportunity to express my sincere appreciation to the team at AdaptHealth.

我們已經對關鍵員工進行了投資，啟動了旨在提高有機成長的項目，並正在簡化業務。我們相信這些短期投資將帶來長期的獲利能力和績效改善，最終實現我們將更多照護轉移到家庭並降低整體醫療成本的使命。我想藉此機會向 AdaptHealth 團隊表達誠摯的謝意。

Our partners and shareholders who have helped educate me on the state of the business and the markets we serve. I am optimistic about the road ahead and look forward to working as one Adapt, a unified team to simplify and standardize our operations, deliver growth, realize clinical and payer value and most importantly support our patients in their homes.

我們的合作夥伴和股東幫助我了解了業務狀況和我們所服務的市場。我對未來的道路感到樂觀，並期待著作為一個 Adapt，一個統一的團隊來簡化和標準化我們的運營，實現增長，實現臨床和付款人價值，最重要的是為我們的患者提供家中支持。

With that, I will turn it over to Jason.

這樣，我就把它交給傑森。

Thanks Suzanne and thanks to all for joining our call today.

感謝蘇珊娜並感謝所有人今天加入我們的電話會議。

For the second quarter of 2024, we delivered against our expectations for revenue, adjusted EBITDA and free cash flow. Incremental expense associated with recovering from the changed health care situation came in line with what we projected and shipping lead times for sleep resupply products improved in June over what we experienced in April and May.

2024 年第二季度，我們的營收、調整後 EBITDA 和自由現金流的表現超出了我們的預期。與從變化的醫療保健狀況中恢復相關的增量費用與我們的預測一致，並且 6 月份睡眠補給產品的運輸交貨時間比我們 4 月和 5 月的情況有所改善。

Net revenue of $806 million increased 1.6% compared to the second quarter of 2023. Sleep revenue of $322.4 million, increased 6.5% over the prior year. New starts were strong, up over 5% sequentially from Q1. Notably, our sleep resupply census reached a new milestone in the quarter and now stands in over 1.6 million patients.

淨收入為 8.06 億美元，較 2023 年第二季成長 1.6%。睡眠收入為 3.224 億美元，比上年增長 6.5%。新開工量強勁，較第一季連續成長超過 5%。值得注意的是，我們的睡眠補給普查在本季達到了新的里程碑，目前有超過 160 萬名患者。

Over 30% of new patients responded to our GLP one survey in the quarter, which showed that approximately 12% of those patients were prescribed GLP-1 therapy, up a touch from the first quarter. While we continue to closely monitor adherence and resupply ordering patterns in our GLP-1 patient cohort versus patients not currently utilizing GLP-1 therapy, we have not detected any notable difference to date.

超過 30% 的新患者對本季度的 GLP one 調查做出了回應，該調查顯示，其中約 12% 的患者接受了 GLP-1 治療，比第一季有所上升。雖然我們繼續密切監測 GLP-1 患者群組與目前未使用 GLP-1 治療的患者的依從性和補給訂購模式，但迄今為止我們尚未發現任何顯著差異。

Diabetes revenue of $151.2 million was down $17.7 million over the prior year, but as previously discussed, we faced a tough prior year CGM comparable this quarter due to timing of system conversions in 2023, so we expected year-over-year compression.

糖尿病收入為1.512 億美元，比上年下降1770 萬美元，但正如之前所討論的，由於2023 年的系統轉換時間，我們本季度面臨著與上年同期相當的艱難CGM，因此我們預計會出現同比壓縮。

For the first half of 2024, diabetes revenue of $302 million was down $13.2 million over the first half of 2023. We expected pump and supplies revenue to decline by about $10 million for the first half, but results were slightly worse as some patients held off on new tubeless pumps, pending CGM compatibility that just recently launched, so we believe that starts should pick up in the second half. Also, we started supplying [Anda Moby] during the second quarter and we expect that product to ramp up over the rest of the year.

2024 年上半年，糖尿病收入為 3.02 億美元，比 2023 年上半年減少 1,320 萬美元。我們預計上半年泵和耗材收入將下降約1000 萬美元，但結果稍差，因為一些患者推遲使用新的無內胎泵，等待最近推出的CGM 兼容性，因此我們認為開工率應該會在2019 年有所回升。此外，我們在第二季度開始供應 [Anda Moby]，我們預計該產品將在今年剩餘時間內增加。

As expected, CGM revenue growth was flat for the first half, as our new sales reps made up for three payers that shifted to 100% pharmacy reimbursement earlier in the year. As of today, our pharmacy is now distributing products in each of those markets and we are working to grow.

正如預期的那樣，上半年 CGM 收入成長持平，因為我們的新銷售代表彌補了今年稍早轉向 100% 藥局報銷的三名付款人。截至今天，我們的藥房正在每個市場分銷產品，我們正在努力發展。

Since the end of the quarter, we have seen a modest shift in payer reimbursement channels, but encouragingly we have seen shifts in both directions. We remain focused on building the capabilities to provide our diabetes products, regardless of reimbursement channel, and our sales force is focused on growing our share in a continuously increasing achievable market.

自本季末以來，我們看到付款人報銷管道發生了適度的轉變，但令人鼓舞的是，我們看到了雙向的轉變。無論報銷管道如何，我們仍然專注於建立提供糖尿病產品的能力，我們的銷售人員致力於在不斷增長的可實現市場中增加我們的份額。

Revenue from all other categories was $332.4 million, growing 3.3% over the prior year, led by respiratory, much of our respiratory growth was driven by the onboarding the rest of our Humana patients, and we were pleased with those results. Utilization is right in line with our expectations.

所有其他類別的收入為 3.324 億美元，比上一年增長 3.3%，其中呼吸系統收入增長最多，我們的呼吸系統增長大部分是由其餘 Humana 患者的入職推動的，我們對這些結果感到滿意。利用率完全符合我們的預期。

For the HME and supplies to the home revenue categories, we continue to revaluate products that do not fit our strategic roadmap and do not drive ancillary volumes into our core areas of sleep, respiratory and diabetes.

對於 HME 和家庭收入類別的用品，我們繼續重新評估那些不符合我們的策略路線圖且不會將輔助銷售推向我們的睡眠、呼吸和糖尿病核心領域的產品。

To that end, we recently signed a definitive agreement to sell certain custom rehab technology assets to national seating and mobility, a well-respected national mobility solutions provider with over 30 years of experience in the CRT category.

為此，我們最近簽署了一項最終協議，將某些客製化康復技術資產出售給 National Seat and Mobility，這是一家備受尊敬的全國行動解決方案提供商，在 CRT 領域擁有 30 多年的經驗。

For AdaptHealth, these products represented a small amount of revenue from individual acquisitions over the years, but in aggregate represent about a point of enterprise revenue. Later we will discuss our adjustment to full year guidance and we are looking forward to working closely with NSM to ensure a smooth transition.

對於AdaptHealth來說，這些產品代表了多年來個人收購的一小部分收入，但總的來說代表了企業收入的一個點。稍後我們將討論對全年指引的調整，我們期待與 NSM 密切合作，以確保平穩過渡。

Turning to profitability, second quarter adjusted EBITDA of $165.3 million, reflects an adjusted EBITDA margin of 20.5%, a slight improvement over the first quarter. Our sequential margin expansion was driven by cost of products and supplies, primarily driven by outsized growth in higher margin products and compression in diabetes products that are amongst the lowest product margins in our portfolio.

談到獲利能力，第二季調整後 EBITDA 為 1.653 億美元，調整後 EBITDA 利潤率為 20.5%，比第一季略有改善。我們的利潤率連續成長是由產品和供應成本推動的，主要是由於高利潤產品的大幅成長和糖尿病產品的壓縮所致，糖尿病產品是我們投資組合中利潤率最低的產品之一。

Labor and other operating expenses performed as expected. Cash flow from operations was $198 million, driven by cash inflows that were delayed from Q1 due to the changed health care situation. Pay sales outstanding for Q2 was $48.9, but the month of June was $44.3 and we expect to be back to normal by the end of the third quarter.

勞動力和其他營運支出符合預期。營運現金流為 1.98 億美元，主要是由於醫療保健狀況的變化導致現金流入從第一季開始延遲。第二季的付費銷售餘額為 48.9 美元，但 6 月為 44.3 美元，我們預計到第三季末將恢復正常。

CapEx of $81.3 million, representing 10.1% of revenue was down against 10.4% of revenue to second quarter of 2023. Free cash flow of $116.7 million, outperformed our target of $94 million. We remain confident in delivering our full year guidance for cash flow.

資本支出為 8,130 萬美元，佔營收的 10.1%，低於 2023 年第二季營收的 10.4%。自由現金流為 1.167 億美元，超出了我們 9,400 萬美元的目標。我們對提供全年現金流指引仍充滿信心。

At the end of the second quarter, our TLA balance was $650 million, a result of paying off $45 million since the end of the quarter, including voluntary payments of $35 million. Our net leverage ratio is now just under 3 times. Ahead of our goal to be under 3 times before the end of 2024. We expect to further deliver over the remainder of the year.

截至第二季末，我們的 TLA 餘額為 6.5 億美元，這是自本季末以來還清了 4,500 萬美元的結果，其中包括 3,500 萬美元的自願付款。我們的淨槓桿率現在略低於3倍。領先我們在 2024 年底前減少 3 倍的目標。我們預計將在今年剩餘時間內進一步交付。

For the third quarter, we expect revenue to be flat sequentially from Q2 accounting for the disposition discussed earlier and in line with the seasonal effect we experienced last year. Adjusted EBITDA margin percent of 20.0% down slightly from Q2, as we recently made key investments in people and technology that Suzanne discussed earlier. Free cash flow of at least $30 million.

對於第三季度，我們預計收入將與第二季度持平，考慮到前面討論的處置，並與我們去年經歷的季節性影響一致。調整後的 EBITDA 利潤率為 20.0%，較第二季度略有下降，因為我們最近對蘇珊之前討論過的人員和技術進行了關鍵投資。自由現金流至少 3000 萬美元。

For the full year, we are adjusting our revenue midpoint to account for the disposition discussed earlier. However, we are maintaining our midpoint for adjusted EBITDA, and we are increasing our midpoint for free cash flow.

對於全年，我們正在調整我們的收入中點，以考慮之前討論的處置。然而，我們維持調整後 EBITDA 的中點，並提高自由現金流的中點。

Our updated full year guidance is net revenue to be in the range of $3.255 billion to $3.315 billion, adjusted EBITDA to be in the range of $660 million to $700 million and free cash flow to be in the range of $160 million to $180 million.

我們更新後的全年指引是淨收入在 32.55 億美元至 33.15 億美元之間，調整後 EBITDA 在 6.6 億美元至 7 億美元之間，自由現金流在 1.6 億美元至 1.8 億美元之間。

With that, we'll open the call up for questions. Operator?

這樣，我們將開始提問。操作員？

(Operator Instructions) Brian Tanquilut, Jefferies.

（操作員說明）Brian Tanquilut，Jefferies。

It's Jack Slevin on for Brian. Great work on the quarter to the team and welcome to Suzanne on the first earnings call here.

傑克·斯萊文 (Jack Slevin) 替補布萊恩 (Brian)。團隊在本季度取得了出色的成績，歡迎蘇珊參加第一次財報電話會議。

I guess maybe starting with that. Suzanne the one comment I just wanted to make sure I got clarity on your point on taking a look at non-core assets. Could you just give a sense for kind of what you mean in terms of size and scope or boundaries that you might put around that? I just want to make sure I understood that correctly.

我想也許可以從那裡開始。蘇珊娜（Suzanne）的一條評論我只是想確保我清楚地了解您關於查看非核心資產的觀點。您能否從規模、範圍或您可能設定的邊界方面解釋一下您的意思？我只是想確保我理解正確。

I'm going to let Jason handle the size and scope, but let me clarify what I mean by non-core assets. So as I looked at our portfolio, one of the benefits, of course, is we have a really nice broad portfolio that helps us serve patients with sleep disorders, respiratory and diabetes? But then we have a bunch of other or a few other things that are around that came in through the acquisitions that really strategically don't support us moving towards focus on those three areas.

我將讓 Jason 處理規模和範圍，但讓我澄清非核心資產的含義。因此，當我查看我們的產品組合時，當然，好處之一是我們擁有非常好的廣泛的產品組合，可以幫助我們為患有睡眠障礙、呼吸系統疾病和糖尿病的患者提供服務？但是，我們還有很多其他或一些其他的事情是透過收購而來的，這些事情在策略上確實不支持我們專注於這三個領域。

So as I looked across the portfolio, we challenged ourselves to say which of these is in furtherance of supporting patients with those chronic and acute conditions, and if not and there is no other strategic imperative there, then should AdaptHealth.

因此，當我審視整個產品組合時，我們挑戰自己說，其中哪一項是為了促進支持患有慢性和急性疾病的患者，如果不是並且沒有其他戰略要務，那麼應該是 AdaptHealth。

Yeah, and I’d round that out Jack by saying that as we qualify certain products. This is a very targeted analysis and study that we've been working on for some time. Products that are no growth to low growth with no margin to low margin, taking free cash out of the company. Certainly, we are looking very hard at those products.

是的，當我們對某些產品進行資格認證時，我會說這句話來完善傑克。這是一個非常有針對性的分析和研究，我們已經做了一段時間了。產品從沒有成長到低成長，沒有利潤到低利潤，從而奪走公司的自由現金。當然，我們正在非常努力地研究這些產品。

Additionally, if the product does not provide ancillary revenue, an example is some of our businesses that we support our hospital systems. Those are not good candidates for disposition because that individual product on its own may not have a high growth profile or high margin. However, it feeds respiratory, it feeds the HME categories that we're focused on. It feeds sleep and diabetes. And so that's a little bit of how we're approaching this program.

此外，如果產品不提供輔助收入，一個例子是我們支持醫院系統的一些業務。這些並不是處置的好候選者，因為單一產品本身可能不具有高成長前景或高利潤率。然而，它為呼吸系統提供支持，為我們關注的 HME 類別提供支持。它促進睡眠和糖尿病。這就是我們實施該計劃的一些方式。

In terms of size or scope or what else to come, I mean, we won't have much to say about that today. In the next quarter, I suspect that we will have something to discuss at that time, but at the end of the day, we're focused on simplifying this business and continuing to delever our balance sheet.

我的意思是，就規模、範圍或其他方面而言，我們今天不會有太多可說的。在下個季度，我懷疑我們當時會有一些事情要討論，但最終，我們的重點是簡化這項業務並繼續去槓桿化我們的資產負債表。

Got it. Really helpful. And then, Jason maybe just as a follow-up on some of the diabetes commentary. I just want to make sure I'm understanding sort of what the expectation is on the trajectory, both on the pump side of things and on the CGM side of things as we look into the second half.

知道了。真的很有幫助。然後，傑森可能只是一些糖尿病評論的後續。我只是想確保我理解了軌跡上的期望，無論是在泵方面還是在我們下半年的 CGM 方面。

So it sort of got that things were ahead of expectation on pumps coming out of 1Q, now 2Q lagging a little behind what's faked in the guidance. I guess, when we think about jumping to the second half there, what's the -- how do we get confident that's turning the corner or any color there would be helpful and then just how you're thinking about CGM with the salesforce and other moving pieces into the second half. Thanks.

因此，第一季的泵浦情況超出了預期，現在第二季的情況稍微落後於指導中偽造的情況。我想，當我們考慮跳到下半部分時，我們如何確信這正在扭轉局面，或者任何有幫助的顏色，然後你如何考慮銷售人員和其他移動人員的 CGM碎片進入下半場。謝謝。

I think pump and supplies, I might remind you that at the beginning of the year, when we set full year guidance, we had expected somewhere between a $15 million and $20 million top line compression, much of that driven by the continued shift from tube based pumps to tube less pumps, which are primarily distributed through pharmacy operations. And we've been playing a little bit of cash up, which we've been making progress on as reported last quarter.

我認為泵和供應品，我可能會提醒您，在今年年初，當我們制定全年指導時，我們預計收入壓縮在1500 萬美元到2000 萬美元之間，其中大部分是由管道的持續轉變推動的從基於泵到無管泵，這些泵主要透過藥房運作進行分銷。我們一直在進行一些現金投資，正如上季報告的那樣，我們在這方面取得了進展。

For this quarter, look, pumps fell a little behind. We believe it's timing related to the CGM compatibility. Some of this was just launched in June for Dexcom G7 as well as eBay three. And so, we think we'll call some of that back in the third quarter. So that $15 million to $20 million still holds, if I had to say today, probably closer to 20, but we're still within range for that.

就本季而言，泵業略有落後。我們認為這與 CGM 相容性有關。其中一些是 6 月剛為 Dexcom G7 和 eBay 3 推出的。因此，我們認為我們將在第三季收回其中的部分內容。因此，如果我今天不得不說的話，1500 萬至 2000 萬美元仍然成立，可能接近 20，但我們仍然在這個範圍內。

For CGMs, as discussed, we came in line with our full year guidance expectation of flat as we knew we had to overcome some payer policy shift earlier in the year. Based on what we're seeing today, we're feeling pretty good with the back half. On CGM, we have noted a small handful of shifts in the last month or two, but encouragingly as mentioned in our prepared remarks, some of this actually went the other way.

對於 CGM，正如所討論的，我們符合全年指導預期持平，因為我們知道我們必須克服今年早些時候的一些付款人政策轉變。根據我們今天所看到的情況，我們對後半部分感覺非常好。關於 CGM，我們注意到過去一兩個月發生了一些變化，但令人鼓舞的是，正如我們在準備好的評論中提到的，其中一些實際上是相反的。

There was a state Medicaid plan that had switched to a 100% pharmacy reimbursement a couple of years ago. And effective July 1, of this year, they've reopened the DME benefit. So it is essentially a dual channel reimbursement, which we believe is an indication of the value that DME drives versus the pharmacy.

幾年前，一項州醫療補助計劃已改為 100% 藥房報銷。自今年 7 月 1 日起，他們重新開放了 DME 福利。因此，它本質上是一種雙通路報銷，我們認為這表明了 DME 相對於藥房所帶來的價值。

It's that constant touch. It's the adherence, it's the relationship with the patient, it's the access to the data that's getting generated from the CGMs. And where we have patient consent, we're monitoring. I mean, after all a measurement for A1C every six months by a blood test is a triple weighted stars measure. And look, these things matter to payers.

就是那種持續不斷的接觸。這是依從性，是與病患的關係，是對 CGM 產生的資料的存取。在徵得患者同意的情況下，我們會進行監控。我的意思是，畢竟每六個月透過驗血進行一次 A1C 測量是三重星測量。看，這些事情對付款人來說很重要。

And so we're continuing to do work to help educate the market, advise on that dynamic and of course be agnostic in our diabetes products regarding how we get reimbursed. We want to take care of as many patients as possible because we think we do a great job of it.

因此，我們將繼續努力幫助教育市場，就這一動態提供建議，當然，我們的糖尿病產品如何獲得報銷是不可知的。我們希望照顧盡可能多的患者，因為我們認為我們做得很好。

Got it. Really helpful. Thanks again, congrats.

知道了。真的很有幫助。再次感謝，恭喜。

Richard Close, Canaccord Genuity.

理查德·克洛斯，Canaccord Genuity。

Yes. Thanks for the questions. Suzanne welcome. Jason, maybe just diving deeper on the diabetes side, obviously Dexcom had some mixed results there. I guess, if you could put it in context, how you're thinking in terms of how the second quarter performed and the second half was there anything surprising in their commentary on the market versus what you have baked in to your assumption?

是的。感謝您的提問。蘇珊娜歡迎。Jason，也許只是更深入地研究糖尿病方面，顯然 Dexcom 在那裡得到了一些好壞參半的結果。我想，如果你能把它放在上下文中，你如何看待第二季的表現以及下半年的情況，他們對市場的評論與你的假設相比有什麼令人驚訝的嗎？

I wouldn't say that there's anything surprising to us from Dexcom's comments. I would say that if anything was surprising, it was a reference to relationships with DME operators. Like for us, I mean, we've maintained a longstanding and I think very solid open relationship with Dexcom.

我不會說 Dexcom 的評論有什麼讓我們感到驚訝的。我想說，如果有什麼令人驚訝的話，那就是與 DME 操作員的關係。就像我們一樣，我的意思是，我們與 Dexcom 保持著長期且我認為非常牢固的開放關係。

So that to us just it doesn't apply. Regarding their down guide and revenue changes, I mean, again, for us, like operating within this DME reimbursement channel, having very deep visibility now in the pharmacy channel and shifts as they occur.

所以這對我們來說並不適用。關於他們的下行指導和收入變化，我的意思是，對於我們來說，就像在這個 DME 報銷管道中運營一樣，現在在藥房管道中擁有非常深入的可見性，並在發生變化時發生變化。

Can't say we had that a year ago or about a year and a half ago but we did invest in a fair amount of detection, kind of forward-looking detection capabilities. And so at this stage it's to us, it feels like a slow moving but dynamic channel environment. And so based on the information we have today, we're feeling good with our full year guide.

不能說我們一年前或大約一年半前就已經做到了，但我們確實投資了相當多的檢測，一種前瞻性的檢測能力。因此，在現階段，對我們來說，感覺就像一個緩慢移動但充滿活力的通路環境。因此，根據我們今天掌握的信息，我們對全年指南感覺良好。

Okay. I appreciate that. And then maybe Suzanne, if you could talk a little bit about the sales teams, you made some comments there I think in your delivering better organic growth, can you just provide a little bit more details on any changes to the sales teams and adding to national accounts? That would be helpful. Thank you.

好的。我很欣賞這一點。然後也許蘇珊娜，如果你能談談銷售團隊，你在那裡發表了一些評論，我認為在你提供更好的有機增長方面，你能否提供更多關於銷售團隊的任何變化的細節，並添加到國民帳戶？那會有幫助的。謝謝。

Sales team is one of my favorite topic. So today, we have several different sales teams and we go to our customers in several different channels. And again, it's only been a little over 60 days. So I want to preface this with I haven't completely dug in, but I do have a hypothesis that if we further align our commercial organization so that we're looking at it more holistically, and what I mean by that is all of our referral sources, so all the different providers that refer to us, the big national accounts, and the payers, if we look at that in a holistic way around what are we trying to accomplish. And we align the teams under that strategy then maybe there's more to be had. So for example, we know that a lot of patients have multiple comorbidities.

銷售團隊是我最喜歡的話題之一。所以今天，我們有幾個不同的銷售團隊，我們透過幾個不同的管道接觸客戶。再說一次，這才過了 60 天多一點。所以我想以此作為序言，我還沒有完全深入研究，但我確實有一個假設，如果我們進一步調整我們的商業組織，以便我們更全面地看待它，我的意思是我們所有的推薦來源，所有推薦我們的不同提供者、大型國民帳戶和付款人，如果我們以整體方式圍繞我們想要實現的目標來看待這一點。我們根據該策略調整團隊，那麼也許還有更多的事情要做。例如，我們知道很多患者患有多種合併症。

And the hypothesis on the table is, do we look at a different way of going to market where we're capturing the referral both for a diabetic patient and who also may have a sleep disorder. And so that's work to be done in this next quarter. But the going in hypothesis is that we can do more with our current sales organization.

擺在桌面上的假設是，我們是否會考慮一種不同的進入市場的方式，我們可以為糖尿病患者和也可能患有睡眠障礙的患者獲取轉介。這就是下個季度需要完成的工作。但目前的假設是，我們可以利用目前的銷售組織做更多的事情。

Okay. Thank you.

好的。謝謝。

Mathew Blackman, Stifel.

馬修布萊克曼，史蒂菲爾。

This is Colin on for Matt. We saw a couple dynamics play out this quarter from both the pump and CGM companies that have already reported. We're still trying to fully wrap our head around it, but it sounds like things are okay on the CGM side.

這是科林為馬特代言的。我們看到本季已經報告的泵浦和 CGM 公司都出現了一些動態。我們仍在努力完全解決這個問題，但聽起來 CGM 方面的情況還不錯。

I'm curious on the pump side, things are now tracking more in line with your original expectations. Last quarter, you saw the pharmacy mix for Omnipod five actually exceed your DME pump mix -- your durable pump mixed for the first time. Did that continue this quarter? And with the potential backup of patients looking to adopt the new integrations, do you expect that to continue in the second half?

我對泵方面感到好奇，現在事情的進展更加符合您最初的期望。上個季度，您看到 Omnipod 5 的藥劑組合實際上超過了您的 DME 泵組合 - 您的耐用泵首次混合。本季這種情況繼續嗎？隨著希望採用新整合的患者的潛在支持，您預計這種情況會在下半年繼續嗎？

We did not see the strength in OP-5 setups in the second quarter that we saw in first and fourth quarter of last year. We're very confident that that is related to just a delay, patient delaying, providers delaying on account of the CGM integrations. Our July numbers are up quite significantly for OP-5, and so hard to say if that'll be a trend or make a trend, but we are confident that it's a timing issue.

我們在第二季度沒有看到去年第一季和第四季看到的 OP-5 設置的優勢。我們非常有信心，這只是由於 CGM 整合造成的延誤、病患延誤、醫療服務提供者延誤有關。我們 7 月的 OP-5 數據成長相當顯著，因此很難說這是否會成為趨勢或成為趨勢，但我們相信這是一個時機問題。

Great. And then really quickly on the sleep business, you mentioned last quarter, the potential for some supply constraints. It really didn't seem to play out in this quarter's results, but just wanted to confirm that that's not a worry going forward for the rest of the year.

偉大的。然後很快就睡眠業務，您在上個季度提到了一些供應限制的可能性。這似乎並沒有在本季度的業績中體現出來，但只是想確認這在今年剩餘時間裡並不是一個令人擔憂的問題。

We're feeling good on supply across all products as we stand here today, through April and early May so we reported on about the second week in May, we were absolutely experiencing slowdown from some specific sleep resupply products. That did get better over the course of the quarter and we ended up coming in right in line with what we expected. That's not a spillover in any way for the rest of the year. And as we stand here today, we've got the products that we need to take care of our patient demand.

今天，從四月到五月初，我們對所有產品的供應感覺良好，因此我們報告了五月的第二週，我們絕對經歷了一些特定睡眠補給產品的放緩。在本季度中，情況確實有所改善，我們最終的表現與我們的預期相符。這對今年剩餘時間不會產生任何溢出效應。當我們今天站在這裡時，我們已經擁有了滿足患者需求所需的產品。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

I have a few, hopefully not too long. On the fleet, Jason, that you just responded to. I think the options that were laid out, if those previous constraints continued were that you could just wait and then hopefully the manufacturer of the shipping would clear up.

我有一些，希望不會太長。在你剛剛回覆的艦隊上，傑森。我認為，如果先前的限制繼續存在，那麼你可以等待，然後希望運輸製造商能夠澄清。

You could shift to alternative suppliers or you could perhaps shift your strategy on getting supply into the market. Maybe, I think at one point even mentioned, renting a plane and flying stuff over. So I'm just curious, what was the final tally? Was it just the manufacturer in question got the problem resolved or the shipping lanes cleared? What actually changed in the second half of the quarter?

您可以轉向替代供應商，或者您可以改變將供應推向市場的策略。也許，我想有一次甚至提到過，租一架飛機並空運東西。所以我很好奇，最後的結果是多少？是只有相關製造商解決了問題還是清理了運輸通道？本季下半年實際發生了什麼變化？

Eric, we did not have to pull any levers operationally to deliver on the quarter as it related to that item, the manufacturer supply chain did come through for us.

艾瑞克，我們不需要在營運上拉動任何槓桿來交付與該專案相關的季度交付，製造商供應鏈確實為我們提供了支持。

On sleep, I think you said patient sleep starts were up over 5%, and hopefully that's the right number that I got. If so, that's pretty good.

關於睡眠，我想您說過患者的睡眠開始增加了 5% 以上，希望這是我得到的正確數字。如果是這樣，那就太好了。

Eric, that's sequential versus prior year sequential.

艾瑞克，這是連續的與去年連續的。

So Q-over-Q?

所以Q-over-Q？

Yes.

是的。

Okay. No change in your overall view on equipment rental, run rate this year given working through the prior period supply constraints and then the patient pack log that came back in a year plus ago, you have a tough comp on equipment rental that what you saw this quarter doesn't change your view on equipment rental for the full year then?

好的。您對設備租賃、今年運行率的整體看法沒有變化，因為考慮到前期的供應限制以及一年多前返回的患者包日誌，您對設備租賃有一個艱難的比較，您所看到的那麼這個季度不會改變您對全年設備租賃的看法嗎？

If anything changed, it's a modest improvement in outlook. Our census for rental bottomed in February, and of course as a reminder that was related to healthy starts in the first quarter. But record starts a year ago, and as those patients, as we stopped getting paid for that rental device 13 minutes later, right. It was really that phenomenon. But we bonded in February and we have continued to increase that sense of sense. We're feeling very solid on the rental line for sleep. If anything, we're feeling a little bit better than we did a quarter ago.

如果有什麼改變的話，那就是前景的小幅改善。我們的租金普查在二月觸底，當然這是一個提醒，這與第一季的健康開局有關。但記錄是從一年前開始的，作為那些患者，我們在 13 分鐘後就停止了租賃設備的付款，對吧。確實是這樣的現象。但我們在二月就建立了聯繫，並且我們繼續增強了這種感覺。我們在睡眠租賃線上感覺非常穩定。如果有什麼不同的話，那就是我們感覺比一個季度前好一點了。

One or two more quick ones, if you will. First off, you maintained EBITDA guidance at the midpoint but you also mentioned heightened investments. I was hoping you could walk through some of the mechanics there. Selling the business, some other obvious progression in some of your other lines. Now you have some heightened investments. You've called out. How does this all, what are the pluses and minuses in that analysis? And maybe just how much is the incremental investment that was highlighted?

如果你願意的話，再快一兩個。首先，您將 EBITDA 指引維持在中點，但您也提到了加大投資。我希望你能了解其中的一些機制。出售業務，以及其他一些業務領域的其他一些明顯進展。現在你有一些增加的投資。你已經喊出來了。這一切是如何進行的，分析的優點和缺點是什麼？也許所強調的增量投資到底有多少？

I might start on the disposition. The guidance change implies $15 million of revenue for the rest of the year and $0 EBITDA impact for the rest of the year. For us, again, these were kind of collections of businesses acquired over years. We didn't maintain like a product leader and a distinct focus on growing it or driving efficiencies in that business.

我可能會從配置開始。指引的變化意味著今年剩餘時間的收入為 1500 萬美元，而 EBITDA 影響為 0 美元。對我們來說，這些都是多年來收購的企業的集合。我們沒有像產品領導者一樣專注於發展產品或提高該業務的效率。

We think that National Seating & Mobility is going to be a terrific owner for that business. We think they're going to take very care of that patients. We think that they will find under their management and their focus improvement in growth, improvement in operating margin. I mean, that business will be in good hands, we believe. So that's the first piece. So on the even line, no impact for the full year.

我們認為 National Seating & Mobility 將成為該業務的出色所有者。我們認為他們會非常照顧這些病人。我們認為，他們會發現在他們的管理和他們的關注下，成長會有所改善，營業利潤率也會有所改善。我的意思是，我們相信該業務將得到良好的管理。這就是第一部分。因此，從均勻線上來看，對全年沒有影響。

Now in terms of the third quarter and Suzanne's remarks, I mean, we have made several key investments some just a week or two after Suzanne arrived. And so I frame that as a couple million in people within the third quarter, a couple million in technology within the third quarter.

現在就第三季和蘇珊娜的言論而言，我的意思是，我們在蘇珊娜到達後僅一兩週就進行了幾項關鍵投資。因此，我將其定義為第三季內有數百萬人，第三季內有數百萬人在技術方面。

In the fourth quarter, we have to counteract some of this and to make sure we deliver on our full year guide. We've got various cost-out streams that activated two weeks ago. And so, we'll get a little bit of that back in Q3. But the predominance we expect to get back in Q4. So think of the Q3 as well as Q4 as recurring expense. So it is left pocket, right pocket. I mean, we feel very good about delivering on the full year numbers.

在第四季度，我們必須應對其中的一些問題，並確保我們實現全年指南。我們有兩週前啟動的各種成本支出流。因此，我們將在第三季得到一些資訊。但我們預計將在第四季恢復主導地位。因此，將第三季和第四季視為經常性費用。所以是左口袋，右口袋。我的意思是，我們對實現全年數據感到非常滿意。

And if I could get one last one, how much diabetes revenue is going through pharmacy now?

如果我能得到最後一種，現在有多少糖尿病收入來自藥房？

We have maintained it at just a touch over 5%. It has grown very slightly against the first quarter. But of course, we are continuing to ramp new markets with new salespeople to sell and distribute in the pharmacy. And so we do expect that number grow up.

我們將其維持在略高於 5% 的水平。與第一季相比略有成長。當然，我們正在繼續開拓新市場，聘請新的銷售人員在藥局進行銷售和分銷。因此，我們確實預期這個數字會增加。

Thanks for all the questions and congrats on a smooth steady quarter here.

感謝您提出所有問題，並祝賀本季順利穩定。

Thanks, guys.

謝謝，夥計們。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Hi guys. You've got Kieran Ryan on from Pito. Thanks for taking the questions. We're thinking about 4Q revenue. Usually diabetes is strong due to deductibles being hit and pulled forward from the first quarter with diabetes, pretty much flat year to date. Do you still assume that seasonality in 4Q? And is there anything that you'd call out that might make that change?

嗨，大家好。皮託的基蘭‧瑞安 (Kieran Ryan) 也來了。感謝您提出問題。我們正在考慮第四季的營收。通常，糖尿病的影響很大，因為自第一季糖尿病的免賠額受到打擊並提前，今年迄今為止幾乎持平。您還認為第四季存在季節性嗎？您認為有什麼事情可能會帶來這種改變嗎？

We absolutely expect a big pop sequentially from Q3 to Q4 from a percentage basis, pretty similar to what we saw last year.

我們絕對預計從第三季到第四季的百分比將大幅成長，與我們去年看到的情況非常相似。

Got it. Thanks. And then just quick follow-up. I was just wondering how we should think on the seasonality of the capitated revenues. I was just a little curious why 2Q is down, just a touch first 1Q. Thanks.

知道了。謝謝。然後快速跟進。我只是想知道我們應該如何看待人均收入的季節性。我只是有點好奇為什麼 2Q 下降了，只是 1Q 下降了一點。謝謝。

Yeah sure. We're going to see cap revenue right in that kind of $30 million ballpark touch higher. Essentially, the cap payment works as the number -- the membership number that's set at the beginning of the year, through the payers that we're capped with.

是的，當然。我們將看到收入上限達到 3000 萬美元左右。從本質上講，上限付款的運作方式是在年初透過我們設定上限的付款人設定的會員數量。

And then over the course of the year, certainly as there's changes to plan design there could be life events, people change employers, things like that. It will bounce around a little bit, but we expect it to be in a very tight band. So up a million, down a million from one quarter to the next is what you should expect going forward.

然後在這一年中，隨著計劃設計的變化，可能會發生生活事件，人們更換雇主，諸如此類的事情。它會稍微反彈，但我們預計它會處於一個非常緊張的區間內。因此，從一個季度到下一個季度增加 100 萬、減少 100 萬是您未來應該預期的情況。

Thank you.

謝謝。

Joanna Gajuk, Bank of America.

喬安娜·加尤克，美國銀行。

So I guess respiratory revenue there. I guess it sounds like you've restated some of your numbers here, especially for Q1. So I guess, when I look at that number, Quarter-over-Quarter revenues up 1%. So what's driving this, I guess, change in the revenue versus how you reported in Q1? And also, how are you thinking about the growth for the year for this service line?

所以我猜那裡有呼吸收入。我想聽起來您在這裡重申了一些數字，尤其是第一季的數字。所以我想，當我看這個數字時，季度收入增加了 1%。那麼，我猜是什麼推動了營收與第一季報告的變化？另外，您如何看待該服務線今年的成長？

Joanna, first, I would provide a perspective on, I think you said the word restatement. So just to clarify, nothing was restated. We did add disclosure detail in the second quarter to break out the capitated revenue by product line.

喬安娜，首先，我想提供一個觀點，我想你提到了「重述」這個詞。因此，為了澄清，沒有重述任何內容。我們確實在第二季度添加了披露細節，以按產品線細分人均收入。

We thought that made good sense versus some feedback from the street that would be helpful data. And so we obliged with that. And so you can see now if you look at the data both ways. You can look at it on a pure cap versus rental and sales. You can also look across the product category regardless of the nature of that revenue, if it's rental or sales were capitated. And so it's just providing that extra disclosure in the second quarter.

我們認為，與來自街頭的一些回饋相比，這很有意義，這些回饋將是有用的數據。所以我們就這麼做了。因此，如果您從兩個方面查看數據，現在就可以看到。您可以從純粹的上限與租金和銷售的情況來看待它。您也可以查看整個產品類別，無論收入的性質如何，無論是租金還是銷售均按人頭計算。因此，它只是在第二季度提供額外的披露。

Now in terms of growth, I mean, we're thrilled with respiratory. I mean, respiratory continues to outperform. Now some of that is Humana. And we've just taken on more patients in respiratory as a result of that contract.

現在就成長而言，我的意思是，我們對呼吸系統感到興奮。我的意思是，呼吸系統繼續表現出色。現在其中一些是Humana。由於這份合同，我們剛剛收治了更多呼吸道患者。

But most of it is really because of new sales. I mean, our market share data this quarter for the first time shows that we've overcome everybody in market share for respiratory. And so we're very confident where we share across those product categories that includes oxygen as well as non-offensive ventilation.

但大部分確實是因為新的銷售。我的意思是，我們本季的市場份額數據首次表明，我們在呼吸系統市場份額方面已經超越了所有人。因此，我們非常有信心在這些產品類別中分享包括氧氣和非攻擊性通氣在內的產品。

Now this is my follow-up. So the market share gains and Humana contract is helping you. So I guess on that end, since you mentioned the Humana contract because I know last quarter, there was a discussion maybe additional Cavotec contracts. I didn't hear this being, I guess, part of the strategy. So I don't know if this is just kind of there? Or should we expect more or less commentary on additional capitated contracts?

現在這是我的後續行動。因此，市場份額的成長和 Humana 合約正在幫助您。所以我想在這方面，既然你提到了 Humana 合同，因為我知道上個季度，有人討論過可能會簽訂額外的 Cavotec 合同。我猜我沒聽說這是戰略的一部分。所以我不知道這是否只是一種情況？或者我們是否應該期待對額外的按人頭合約進行更多或更少的評論？

Should we expect additional commentary on capitated? Well, I think that we've offered that Humana certainly is the predominance of that capitated revenue. It's 33 states. It's a lot of patients, so it's well over 1 million patients.

我們是否應該期待關於人頭的更多評論？嗯，我認為我們已經提出，Humana 肯定是人均收入的主導者。有33個州。患者數量很多，因此遠超過 100 萬患者。

For a number of years, we've maintained capitated business with other payers. A lot of that's kind of West Coast focused, as you expect. We do maintain a pipeline of incremental cap deals that we're working, but now that's included in guidance not really much to discuss until we're unless we secure additional cap deals. Does that answer your question?

多年來，我們一直與其他付款人保持按資本付費的業務。正如您所料，其中許多都集中在西海岸。我們確實維持一系列正在進行的增量上限交易，但現在這已包含在指導中，除非我們獲得額外的上限交易，否則實際上沒有太多討論的餘地。這能回答你的問題嗎？

Yeah. And I was just thinking about like any additional future contracts, whether this is part of the strategy, too, trying to get additional ones. I mean it sounds, okay, you've had some but they were much smaller. So I was wondering whether this is part of the strategy to pursue additional larger capitated contracts.

是的。我只是在想，就像未來任何額外的合約一樣，這是否也是策略的一部分，試圖獲得更多的合約。我的意思是，聽起來，好吧，你已經有一些了，但它們要小得多。所以我想知道這是否是追求更多更大資本合約的策略的一部分。

Yes. To reiterate our strategy, we do have dedicated sales folks that are focused on cap deals exclusively. They're specialists in designing on pricing because we were obviously a big pricing machine cap yields. And so that will continue. We do intend to grow our share of cap yields. And if or when we put deals, we'll be sure to talk about.

是的。重申我們的策略，我們確實有專門的銷售人員專門專注於上限交易。他們是定價設計的專家，因為我們顯然是一個限制收益率的大型定價機器。這樣的情況將會持續下去。我們確實打算增加我們的上限收益率份額。如果或當我們達成交易時，我們一定會談論。

Great. If I may squeeze a very last one on the other business, diabetes and the commentary is around the channel shifts and I guess the salesforce, but specifically around your ability to participate in the pharmacy channel or that business going through the pharmacy channel, as in do you need more pharmacies? Are you kind of using third qualities? How you kind of handling that? I guess, revenue stream going through the pharmacy channel.

偉大的。如果我可以在另一項業務上擠最後一個，糖尿病，評論是圍繞渠道轉變，我猜是銷售人員，但特別是圍繞您參與藥房渠道或通過藥房渠道進行業務的能力，如您需要更多藥房嗎？你在使用第三種品質嗎？你是怎麼處理的？我猜，收入來源是透過藥局管道。

I'd offer maybe an example to help bring the point home. Louisiana Medicaid was a state office that switched to a 100% pharmacy reimbursement earlier in 2024. We have worked to that -- that's a brick and mortar state, so you're required to have brick and mortar pharmacy to distribute. And so we've stood that up.

我也許會提供一個例子來幫助大家理解這一點。路易斯安那州醫療補助是一個州政府機構，於 2024 年初轉向 100% 藥房報銷。我們已經努力做到這一點——這是一個實體州，所以你需要有實體藥局來分發。所以我們堅持了這一點。

We've got licensing in place, we're active. We are actively selling and distributing to Louisiana State Medicaid as well as the NCS. And so that's one example of the infrastructure that we're continuing to stand up and refine.

我們已經獲得許可，我們正在積極行動。我們正在積極向路易斯安那州醫療補助計劃以及 NCS 銷售和分銷。這就是我們繼續建立和完善基礎設施的一個例子。

So you're saying that there's actually more that you need. Or are you saying that you have the, I guess, infrastructure in place to service across the country that product through the pharmacy channel?

所以你是說你其實還需要更多。還是你是說你有，我猜，基礎設施到位，可以透過藥局管道在全國範圍內提供該產品的服務？

We expect to continue to grow our pharmacy business.

我們期望繼續發展我們的藥房業務。

No further questions, I'd like to turn the call back to our presenters for any additional or closing remarks.

沒有其他問題了，我想將電話轉回給我們的主持人，以獲取任何補充或結束語。

Thank you. I just want -- again, want to reiterate our appreciation for the support of AdaptHealth. Hopefully, you can see from today's call that we're moving quickly, but methodically through improving the business and our performance and we're excited about the future. Thank you all again for joining today.

謝謝。我只是想再次重申我們對 AdaptHealth 支持的感謝。希望您能從今天的電話會議中看到，我們正在快速但有條不紊地改善業務和績效，我們對未來感到興奮。再次感謝大家今天的加入。

And this will conclude today's conference. Thank you for your participation, and you may now disconnect.

今天的會議到此結束。感謝您的參與，您現在可以斷開連接。